2019年经济学人 美国的中国股票—远离故土(1)（在线收听）

American investors wanting a piece of Chinese firms,

想从中国公司分一杯羹的美国投资者，

whether state-owned oil majors or tech stars, need not stray beyond Wall Street.

不论是国有石油巨头还是科技新星，不需要走出华尔街。

Over the past two decades some 200 Chinese firms have gone public in America, more than from any other foreign country.

在过去20年中，约200家中国公司在美国上市，比任何其他国家都多。

(Most have their main listing there; a few have a "secondary" one, with a main listing in China.)

（大部分公司主板上市这里；一些公司是“二次”上市，主板在中国。）

These firms' total market value is more than $1trn. For America's stock exchanges, that is a great triumph.

这些公司的上市总价值超过万亿美元。对美国证券交易所而言，这是一个巨大的胜利。

But trade hawks are starting to describe it as a great liability.

但贸易鹰派人士开始将其描述为一个巨大的负担。

In a letter in April a bipartisan group of politicians led by Marco Rubio, a Republican senator,

由共和党议员马尔科·卢比奥领导的两党政治家小组在四月的一份信中说到，

said American investors faced risks because of exposure to Chinese companies

由于与中国公司有关联，美国投资者面临风险—

"that pose national-security dangers or are complicit in human-rights abuses".

“对国家安全构成威胁或以及串通共同侵犯人权”。

Steve Bannon, President Donald Trump's former chief strategist,

唐纳德·特朗普总统的前幕僚长史蒂夫·巴农

expanded the focus to all Chinese stocks in America in an interview published on May 22nd in the South China Morning Post.

在5月22日发表于《南华早报》的一篇采访中将焦点扩大到所有在美的中国股票。

"The next move we make is to cut off all the IPOS (initial public offerings),

“我们的下一步是中断所有IPO（首次公募），

unwind all the pension funds and insurance companies in the US that provide capital to the Chinese Communist Party," he said.

解除美国所有为中国提供资本的养老基金和保险公司，”他说道。

Those threats might be dismissed as idle, but for the actions of a couple of their targets.

要不是他们的几个目标行动，那些威胁可能被认为是毫无意义的。

On May 24th Semiconductor Manufacturing International Corp (SMIC), China's largest maker of semiconductors,

5月24日，中国最大的半导体制造商中芯国际（SMIC）

said it would delist from the New York Stock Exchange.

表示将从纽约证券交易所退市。

Then on May 28th Bloomberg reported that Alibaba, a New York-listed Chinese e-commerce giant,

然后在5月28日，《彭博》报道称一家在纽约上市的中国电商巨头阿里巴巴

was considering a second listing in Hong Kong.

正考虑在香港进行二次上市。

There are unglamorous corporate explanations for both moves.

对于这两项举措，公司给出了平淡无奇的解释。

SMIC's securities are rarely traded in America (its main listing is in Hong Kong),

SMIC的股票很少在美国交易（其主板在香港），

and Alibaba has long considered selling shares in either Hong Kong or mainland China, partly to broaden its capital base.

而阿里巴巴长期以来一直考虑在香港或中国内地发行股票，部分原因是为了扩大其资本基础。

But it was also easy to discern political motives.

但也很容易看出其中的政治动机。

The two companies will gain some insulation from America's capital markets and show support for their home side.

两家公司将在一定程度上和美国资本商场绝缘，并展现对本土市场的支持。